Dimon says brace for U.S. economic 'hurricane' due to inflation

Jamie Dimon, Chairman and Chief Executive of JPMorgan Chase & Co (JPM.N) described the challenges facing the U.S. economy akin to an "hurricane" down the road and urged the Federal Reserve to take forceful measures to avoid tipping the world's biggest economy into a recession.

Dimon's comments come a day after President Joe Biden met with Federal Reserve Chair Jerome Powell to discuss inflation, which is hovering at 40-year highs.

"It's a hurricane," Dimon told a banking conference, adding that the current situation is unprecedented. "Right now, it's kind of sunny, things are doing fine. Everyone thinks the Fed can handle this. That hurricane is right out there down the road coming our way. We just don't know if it's a minor one or Superstorm Sandy," he added.

The Fed is under pressure to decisively make a dent in an inflation rate that is running at more than three times its 2% goal and has caused a jump in the cost of living for Americans. It faces a difficult task in dampening demand enough to curb inflation while not causing a recession.